econ vocab 5

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Author:
mcss23
ID:
196610
Filename:
econ vocab 5
Updated:
2013-01-30 11:51:44
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mcss23
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  1. fractional reserve banking
    banking system that keeps only a fraction of funds on hand and lends out the remainder
  2. currency
    coins and paper bills used as money
  3. commodity money
    objects that have value in themselves as well as for use as money
  4. default
    failure to pay back back loan
  5. FDIC
    federal deposit insurance corporation. the government agency that insures customer deposits if a bank fails
  6. federal reserve
    (system) the nation's central banking system
  7. principal
    the amount borrowed
  8. representative money
    objects with value that can be exchanged for something else of value

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